- September 26, 2022
A quick look at the new developments in Jurong will show that this former sleepy region will soon become a commercial hub. This transformation will bring new infrastructure projects and shopping malls, which should in turn drive up the price of Jurong properties. The new developments will also bring about a variety of new types of commercial activities, which could support the residential housing market.
Jurong’s transformation from a sleepy region to a commercial hub
In the past few decades, Jurong has undergone a significant transformation from being a sleepy region to a commercial and retail hub. Its first business park was opened in 1992, and today it is an attractive site for innovation centres, regional headquarters, and a range of other business functions. The area’s convenient transport links also contribute to its appeal. One notable development in the past decade is the earmarking of a 7ha vacant plot in the Jurong Lake District for an integrated tourism development by the Singapore Tourism Board from 2026.
The Jurong town corporation bill was passed in 1968, giving the Jurong Town Corporation more authority. It led to the introduction of social amenities in the estates and improvements to transport and medical facilities. It also led to the opening of a 283-ha public park known as the Jurong Gardens. In addition to these improvements, the Jurong town corporation bill was a key part of Singapore’s efforts to create a regional centre for job creation.
Impact of new infrastructure projects on prices
A new development called Jurong Gateway is expected to boost prices of Jurong East properties. This regional centre will contain a mix of private condos, hotels and premium office space. It will be situated nearby the Jurong East MRT Interchange station. The development also includes the JTC Summit, a government statutory board, and an empty piece of land.
The development will improve the connectivity of the area to nearby Kuala Lumpur and Singapore. This in turn will spur commercial activity in the Jurong Lake District. Already the Land Transport Authority has called for tenders for the construction of the new rail link. Construction is set to begin next year. It will further boost the reputation of Jurong Lake District as a regional hub.
Shopping malls in Jurong East
The Jurong plan is aimed at bringing more businesses to the region. It makes use of the proximity to Singapore’s first two universities, which creates a ready talent pool. Moreover, the district is scheduled to get 4 MRT lines by 2035, boosting accessibility to the rest of Singapore.
The Jurong Lake District, a planned second CBD, is a good option for those who are unable to afford the city’s expensive CBD areas. It is also an alternative to Marina Bay, which is notorious for its high occupancy costs. In addition, the Jurong Lake District is a green space with no pollution issues. As a result, the price of Jurong properties should increase.
The Jurong Gateway is a new regional centre, with several mixed-use developments, including private condos and hotels. It is located near the Jurong MRT interchange and JTC Summit, which is a government-owned statutory board. The new area will provide a number of high-end services to residents and visitors. The new neighbourhood will be a “mini-CBD” outside of the city centre.
Impact of office towers in Jurong East
The impact of office towers on the Jurong East area is becoming increasingly obvious as the neighbourhood begins to resemble other property hotspots in Singapore. As part of the URA’s 2008 Master Plan, Jurong East is set to become a new commercial hub, including high-end office towers, retail centres, and hotels. Similarly, the Lakeside precinct will be revitalized with new leisure and entertainment facilities.
In terms of transport, Jurong East will benefit from the Jurong East Integrated Transport Hub. Located near the Jurong East MRT station, it will provide easy and convenient access to the city’s transportation system.
Impact of hotels in Jurong East
Jurong East is one of the most sought-after neighbourhoods in Singapore. The town is surrounded by many international hotels, which have pushed up the price of property in the area. Despite the price premium, there is still room for development. One such project is Lakeville, a 696-unit private condo with three commercial units. This project was launched in May 2014 and has already reached full sales. The units cost $1305 to $1421 per square foot.
While there are still many challenges ahead, Jurong East has begun to resemble other hot property markets in Singapore. For example, the URA’s 2008 Master Plan aims to transform Jurong East into a commercial hub, with premium office towers and shopping malls. Additionally, the lakeside precinct will get an injection of entertainment and leisure facilities.